National Taxpayer Advocate Nina Olson recently released her 2016 annual report to Congress recommending that the IRS continue its improvements to becoming service-oriented and that the tax code be significantly simplified. According to data the Taxpayer Advocate...
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IRS Publishes Inflation Adjustments for 2017
The Internal Revenue Service (IRS) has released the inflation adjustments for specific tax figures for calendar year 2017. Highlights include:The first $14,000 of gifts to any person can be excluded from the total amount of taxable gifts made during...
IRS Takes Action to Enforce Taxation of Virtual Currency
If you engage in virtual currency transactions, be sure that you have reported them! Many people are not aware that any U.S. taxpayer who has engaged in transactions involving digital currency must report any income received from such sources. The window to...
Federal Installment Agreement Fees Will Change in 2017
The Internal Revenue Service (IRS) proposed a revised schedule of fees for installment agreements made on or after January 1, 2017. The changes increase the highest possible fee to $225 (up from $120), but reduces fees for certain types of agreements.The revised...
Update on Rules for Internet-Based Service Providers
Businesses on the cutting edge of technology may kick off the new year with a "sharing economy" workforce approach. Businesses that use a web-based approach to offering services, including the rental of tangible personal property, may qualify for the benefits related...
New Tool Allows Federal Taxpayers to Access Account Information Online
The Internal Revenue Service (IRS) launched a new, web-based tool to assist taxpayers with simple balance inquiries. The new feature is one part of the IRS' plans to build a wider platform for taxpayers to more quickly and securely access various aspects of...
IRS Advisory Council Releases 2016 Annual Report
The Internal Revenue Service Advisory Council (IRSAC) released its annual report today for 2016. Based on IRSAC's findings and discussions in 2016, the council made recommendations on topics including: Evaluating the Effects of Penalties on Voluntary Compliance;...
Bitcoins and Beyond – Recommendations to the IRS to Ensure Taxation of Virtual Currency Transactions
The Treasury Inspector General for Tax Administration (TIGTA) recently issued a report on the IRS' strategy for addressing income produced through virtual currencies, such as bitcoin, litecoin, and dogecoin. Use of virtual currency has grown in recent years, due in...
Security Summit to Expand Efforts to Protect Taxpayers from Fraud in 2017
The IRS and its Security Summit partners finalized plans on November 3, 2016, to improve identity theft protections in 2017 after the significant success of its 2016 program (and in spite of a growing number of scams). In the first nine months of the current year,...
Tax Professionals Targeted by New E-mail Scam
The Internal Revenue Service (IRS) has issued an urgent warning to tax professionals regarding yet another e-mail scam, this time involving a fake website related to the IRS' e-Services accounts.The agency wrote:"The Internal Revenue Service today issued an...
